DETROIT--April 24, 2014: General Motors Co. today announced first quarter net
income attributable to common stockholders of $0.1 billion, or $0.06 per
diluted share. Strong core operating performance during the quarter was
more than offset by a net loss from special items of $0.4 billion, or
$(0.23) per diluted share, and a $1.3 billion pre-tax charge primarily for
the cost of recall-related repairs, or $(0.48) per diluted share.

Special items in the quarter were primarily related to changing the
exchange rate GM uses for re-measuring the net assets of its Venezuelan
subsidiaries.

In the first quarter of 2013, GM’s net income attributable to
common stockholders was $0.9 billion, or $0.58 per diluted share, including
a net loss from special items of $0.2 billion or $(0.09) per diluted
share.

Earnings before interest and tax (EBIT) adjusted was $0.5 billion and
included the impact of a $1.3 billion pre-tax charge for recall-related
costs and $0.3 billion in restructuring costs. This compares to the first
quarter of 2013, when the company recorded EBIT-adjusted of $1.8 billion,
which included a pre-tax charge of $0.1 billion for recalls and $0.1
billion in restructuring costs.

Net revenue in the first quarter of 2014 was $37.4 billion, compared to
$36.9 billion in the first quarter of 2013.

“The performance of our core operations was very strong this
quarter, reflecting the positive response of customers to the new vehicles
we are bringing to market,” said GM CEO Mary Barra. “ Our focus
remains on creating the world’s best vehicles with the highest levels
of safety, quality and customer service, while aggressively addressing our
business opportunities and challenges globally.”

GM Results Overview (in billions except for per share amounts)

Q1 2014

Q1 2013

Revenue

$37.4

$36.9

Net income attributable to common stockholders

$0.1

$0.9

Earnings per share (EPS) diluted

$0.06

$0.58

Impact of special items on EPS diluted

$(0.23)

$(0.09)

EBIT-adjusted

$0.5

$1.8

Automotive net cash flow from operating activities

$2.0

$0.5

Adjusted automotive free cash flow

$0.2

$(1.3)

Segment Results

GM North America reported EBIT-adjusted of $0.6 billion which included
the impact of a $1.3 billion pre-tax charge for recall costs in the
quarter. This compared with EBIT-adjusted of $1.4 billion in the first
quarter of 2013. GM Europe reported EBIT-adjusted of $(0.3) billion, which
includes $0.2 billion for restructuring costs. This compares with
EBIT-adjusted of $(0.2) billion in the first quarter of 2013. GM
International Operations reported EBIT-adjusted of $0.3 billion, compared
with EBIT-adjusted of $0.5 billion in the first quarter of 2013. GM South
America reported EBIT-adjusted of $(0.2) billion, compared with
EBIT-adjusted of $0.0 billion in the first quarter of 2013. GM Financial
earnings before tax was $0.2 billion for the quarter, compared with $0.2
billion in the first quarter of 2013.

Cash Flow and Liquidity

First quarter automotive cash flow from operating activities of $2.0
billion and automotive free cash flow of $0.2 billion were both
significantly improved compared with the first quarter of 2013. GM ended
the quarter with very strong total automotive liquidity of $37.4 billion.
Automotive cash and marketable securities was $27.0 billion compared with
$27.9 billion at year-end 2013.

“Our revenue and cash flow improved this quarter and our
underlying business performance remains on plan,” said Chuck Stevens,
GM executive vice president and CFO. “Executing flawless launches and
using our strength in the U.S. and China to restructure key global
operations will continue to be our focus this year.”